Officers say the group, aged between 14 and 17, study at four different secondary schools in the district.
Detective Superintendent Johnson Chong said initial investigations suggest the youths planned the heist themselves and have no connection to triads.
“The action was premeditated and involved the division of labour,” he said.
Chong said three of the suspects are believed to have acted as a lookouts while another two entered the shop at Tai Po Plaza at almost the same time, both claiming they wanted to buy some goods.
While the second teenager distracted the staff, the first to enter the shop allegedly ran off with the bracelets they were looking at.
Chong said police had found the stolen goods at the home of one of the lookouts.
The police warn that theft offences carry a maximum term of 10 years in prison.
